| answer text |
<p>The Government does not comment on details of the proposed business models of individual
companies. However, this proposal raises wider questions for policy and financial
regulation. The Government is working with the Bank of England, the Financial Conduct
Authority and international counterparts to consider these issues.</p><p> </p><p>More
broadly, the Government established the Cryptoassets Taskforce – comprised of HM Treasury,
the Financial Conduct Authority and the Bank of England - to explore the risks and
potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s
response set out commitments to further consider the regulatory approach to cryptoassets.
The Government will consult on its approach to unregulated cryptoassets later this
year.</p><p> </p><p>The Taskforce’s final report, found that cryptoassets do not currently
pose a material threat to UK or global financial stability, however this could change
in the future, and the Bank of England’s Financial Policy Committee will continue
to monitor the situation.</p>
|
|
